Nigeria’s Inflation Rate Drops To 14.63%

Nigeria’s headline inflation rate has slowed to 14.63% in September from 15.39% in August, according to the National Bureau of Statistics (NBS) report released on Thursday.

According to the NBS, Nigeria’s headline inflation rate stood at 14.63% for September 2026.

Naija News reports that on a month-on-month basis, the headline inflation rate was 0.06%, while food inflation was 19.59% year-on-year and -1.55% Month-on-month.

“The Consumer Price Index (CPI) increased to 146.38 in September 2026, reflecting a 0.08-point increase from the preceding month (146.30).

“In September 2026, the Headline inflation rate stood at 14.63%, down from 15.39% in August 2026 and stood at 20.98% in the same month of the preceding year (September 2025).

“Looking at the movement, the September 2026 Headline inflation rate showed a decrease of 6.35% compared to the September 2025 (20.98%) Headline inflation rate.

“On a month-on-month basis, the Headline inflation rate in September 2026 was 0.06%, which was 0.65% lower than the rate recorded in August 2026 (0.71%).

“This means that in September 2026, the rate of in-crease in the average price level was lower than the rate of increase in the average price level in August 2026,” the NBS said.

It added that on a year-on-year basis, in September 2026, the urban inflation rate was 15.64%. On a month-on-month basis, the urban inflation rate was 0.53% in September 2026, up by 0.25% compared to August 2026 (0.28%). The corresponding twelve-month average for the urban inflation rate was 15.90% in September 2026. This was 12.58% points lower compared to the 28.48% reported in September 2025.

The rural inflation rate in September 2026 was 12.46% on a year-on-year basis. On a month-on-month basis, the rural inflation rate in September 2026 was -0.89%, down by 2.68% compared to Au-gust 2026 (1.79%). The corresponding twelve-month average for the rural inflation rate in September 2026 was 15.32%. This was 10.35% points lower compared to the 25.67% recorded in September 2025 according to the bureau.

The report further revealed that the food inflation rate in September 2026 was 19.59% on a year-on-year basis and stood at 20.16% in the same month of the preceding year (September 2025).

On a month-on-month basis, the food inflation rate in September 2026 was -1.55%, down by 2.57% points from August 2026 (1.02%). This can be attributed to the rate of change in the average prices of the following products: Guinea corn flour, sold loose, Maize (Corn) Flour White (sold loose), Rice Local, short-grained, Egg, Onion Fresh, Palm oil, Green Beans Fresh, Irish Potatoe, Okra, Tomatoes Fresh, Green Peas (Dried), Plantain, etc.

The average annual rate of food inflation for the twelve months ending September 2026 over the previous twelve-month average was 15.72%, which was 12.66% points lower compared with the average annual rate of change recorded in September 2025 (28.37%).